Capital in the Twenty-First Century, an epic analysis of the roots and consequences of inequality, has been named the 2014 Financial Times and McKinsey Business Book of the Year.

The ￡30,000 prize was awarded to Thomas Piketty’s controversial economics bestseller following what Lionel Barber, FT editor and chairman of judges, said was a “vigorous debate” about “an incredibly strong field” of six shortlisted titles.

The FT has in the past questioned some of the French economist’s research for Capital, but the book has provoked a fierce debate about growing inequality and the means to tackle it. “While not everyone agreed on the policy prescriptions, we recognised the quality of the scholarship,” Mr Barber said on behalf of the judges. He called it “a challenging, but ultimately important book”.